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What is Dragon?

Dragon seeks to tap into the gaming industry of Asia by offering a new, safer financial mechanism that can be used in Casinos. It will be known as Dragon Coin, and it will utilize blockchain technology to bring the practices of the gaming industry into modern times and while also saving them money.

The initial goal of the platform is to serve the gaming high-rollers in Macau who participate in junkets, or high stakes gaming that takes place in the VIP rooms of major casinos. Eventually the goal of Dragon will be to establish itself as a new digital currency for all sorts of transactions involved with gaming – not just high stakes.

The site provides a road map for what the platform has already accomplished and what it is focused on doing in the coming months. The concept was created in December 2016 and by June 2017 partnerships were formed. A private pre-sale was conducted in late 2017 and the public crowdsale is set for this month. Sometime within the second quarter of 2018 a launch in Macau is expected.

How Does Dragon Work?

The platform states that it is driven by supply and demand. Initially the total amount of tokens will be 500 million but that will reduce over time through a burn program.

To start, a prospective gamer buys the Dragon Coins, or DRG, from a cryptocurrency exchange. They can then exchange those coins for DGC, or Dragon Global Chips, that can be used in casinos. If the player should win, their winnings can be paid out as DRG, a different cryptocurrency, or a fiat currency. Dragon tokens will also be able to be used to purchase goods and services and can therefore increase demand for the tokens in daily life.

The company then uses a small amount of their profits to buy back some of the DRG tokens and burning them to reduce the total supply and maintain value. The tokens that are bought back will be given to a Dragon user selected at random who can cash them in and take a pay-out immediately.

Features and Benefits of Dragon

The enhanced security and transparency provided by Dragon Coin will be one of its primary benefits. The blockchain will provide a transaction ledger that will allow both players and casinos to easily keep track of the action and prevent any manipulation or cheating on either side.

Dragon Coin will also create and run their own casino junkets. These junkets will allow Dragon to raise funds of which some will be used to buy back some of the DRG to burn. This will occur monthly, with 10% of the profits from each junket being dedicated to the buy back and burn program. A user will be selected at random each month to receive the profits from the DRG being burned.

During the token sale a bonus of 8.88% will be offered to buyers purchasing DRG, though it is unclear if this bonus will last the entire public sale.

The Dragon Token Sale

The token sale for Dragon is set to begin on February 15th, 2018 and run for a month through March 15th. Unfortunately, there are some geographical restrictions on the sale, which prevents USA, Singapore, and China from participating. The tokens will be referred to DRG or Dragon Coin and will be distributed as ERC20. There will be a total of 500,000,000 coins created, though only 7% will be made available during the token sale.

The fundraising goal of the token sale is set at $407.5 million, with an impressive $320 million already raised during the presale which was conducted in November 2017. No minimum or maximum contribution is specified. The only currency that will be accepted is ETH. 1 DRG will equate to $2.51 or 0.00333 ETH.

A breakdown of how the tokens will be distributed is offered via graphic on the website. 53% of the tokens will go to the junket partners, then 12% will go to the early supporters of the ICO. After that, 10% will go to the team, 10% will be put in reserve, 7% will go to the treasury, 7% will be sold as part of the public sale, and the last 1% will go to the advisors.

Who’s Behind Dragon?

The team behind Dragon is detailed through their website. First is co-founder and CEO Chris Ahmad. He works as the CEO of at least two other businesses – Expay Group Co. and Wi Holding Company – and was educated at Assumption University where he attained a Bachelor of Business Administration. The other co-founder is Paul Moynan, who describes himself as a serial entrepreneur and philanthropist, and has worked as an advisor, partner, and consultant in a variety of other businesses over the years.

Other key positions are listed as well. The role of Chief Financial Officer is filled by Dr. Alen Siy, who is described as a medical doctor and business expert. He has a long history in business and finance with defense related businesses where he has acted as both CFO and CEO. The Chied Technology Officer is Yobie Benjamin. His history is in wearable computing, information security, and cryptocurrencies.

Information is also provided about the advisors on the board for Dragon. It includes a variety of Bitcoin and cryptocurrency experts as well as blockchain developers and technical experts. The site provides LinkedIn pages for most of the team members it recognizes.

Conclusion

The early returns on the status of Dragon’s fundraising efforts a pretty impressive. They set their goal at $407,500,000 and have already raised $320,000,000 prior to the token sale even starting. This is a sign that they have significant funding from partners that have confidence that it will work and be profitable.

Creating a new currency specifically for casino gaming seems like an idea with a lot of potential. Casino gaming will need to make a jump at some point to cryptocurrency in order to keep up with natural evolution of the market. With online betting becoming more popular and sports leagues like the NBA discussing the legalization of gambling, there seems to be a movement to decentralize gaming from being available in certain places and for certain things. Creating a potentially global digital currency to make transactions safer and easier would seem to be a viable platform.

One area we would like to learn more about the ICO’s specific plans to make Dragon Coin into an every day currency that can be used for goods and services. That is a fairly large jump from being used in casino junkets and would be interested in more detail regarding how that is going to be achieved.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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